The global laboratory information management systems market projected to grow at a CAGR of 12.6%

LONDON, July 18, 2018 /PRNewswire/ -- The global laboratory information management systems market projected to grow at a CAGR of 12.6%.

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The global LIMS market is expected to reach USD 1,355.0 million by 2023 from USD 747.3 million in 2018, at a CAGR of 12.6%. Growth in this market is driven by the increasing use of LIMS to comply with stringent regulatory requirements, increasing focus on improving the efficiency of laboratories, technological advancements in LIMS offerings, increasing R&D expenditure in pharmaceutical and biotechnology companies, and growing adoption of cloud-based LIMS. On the other hand, the high maintenance and service costs and the lack of integration standards for LIMS the growth of this market.

Services are expected to grow at the highest CAGR during the forecast period.

Based on component, the LIMS market is segmented into services and software.The services segment is expected to register the highest CAGR during the forecast period.
The large share of the services segment can be attributed to the recurring requirement of services such as training, software upgrading, and software maintenance post-installation.

Pharmaceutical and biotechnology companies are expected to dominate the market during the forecast period.
Based on type, the LIMS market for the life sciences industry is segmented into pharmaceutical and biotechnology companies, biobanks and biorepositories, CROs & CMOs, molecular diagnostics (MDx) & clinical research laboratories, academic research institutes toxicology laboratories, NGS laboratories, and forensic laboratories.The pharmaceutical and biotechnology companies segment is expected to account for the largest share of the life sciences market by type in 2018.

The large share of this segment can be attributed to the increasingly adopting LIMS systems to automate laboratory workflows and improve operational efficiency, which helps them in early drug discovery, meeting regulatory requirements, instrument calibration, certification, and maintenance.

Asia to witness the highest growth during the forecast period.
In 2018, North America is expected to account for the largest share of the market followed by Europe.However, Asia is expected to register the highest CAGR during the forecast period.

The high growth in the Asian market is attributed to factors such as increasing outsourcing activities in these countries due to the availability of low-cost and skilled labor and the increasing awareness and availability of LIMS.

The primary interviews conducted for this report can be categorized as follows:
? By Company Type: Tier 1 ? 36%; Tier 2 - 46%; Tier 3 - 18%.
? By Designation: C-level- 29%; D-level- 43%; Others- 28%.
? By Region: North America-39%; Europe-29%; Asia -20%; Rest of the World- 12%

List of companies profiled in the report
? LabWare (US)
? Thermo Fisher Scientific (US)
? Abbott Informatics (US)
? LabVantage Solutions (US)
? LabLynx (US)
? Autoscribe Informatics (US)
? Computing Solutions (US)
? GenoLogics (Canada)
? LABWORKS (US)
? Dassault Systèmes (France)
? Siemens (Germany)
? Accelerated Technology Laboratories (US).

Research Coverage:
The report provides an overview of the LIMS market.It aims at estimating the market size and future growth potential of this market across different segments such as type, component, deployment model, industry, and region.

Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them with the closest approximations of revenues for the overall LIMS market and its subsegments.This report will help stakeholders to understand the competitive landscape better and gain insights to position their businesses and help companies make suitable go-to-market strategies.

The report also will also help stakeholders understand the pulse of the market and provide them with information regarding key market drivers, restraints, challenges, and opportunities.

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